Abu Dhabi's MGX Closes $49B AI Fund, Exceeding Target
MGX Fund I has backed 14 companies to date, including OpenAI, SpaceX, Binance, TikTok, Khazna, and Vantage Data Centers.
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Abu Dhabi’s state-owned AI investment firm MGX has closed what may be the world’s largest AI fund to date. On Thursday, the firm announced that MGX Fund 1 secured $49 billion in commitments, exceeding its original $45 billion target.
Launched to back initiatives in artificial intelligence and advanced technology globally, the fund has attracted investments from “an elite and diverse group of major institutional and private investors from the Gulf, North America, Asia, and Europe.”
“The firm launched Fund I to provide highly curated exposure to the AI thematic through disciplined investments in differentiated and restricted opportunities across the AI technology stack, including semiconductors, AI infrastructure, and AI and AI-enabling technologies and platforms,” it said in a statement.
To date, MGX Fund I has invested in 14 companies, including SpaceX, Binance, OpenAI, Khazna, TikTok, and Vantage Data Centers (North America), among others. In May, it participated in Anthropic’s $65 billion Series H funding round, following its participation in the firm’s earlier Series G raise.
MGX is backed by the sovereign wealth fund Mubadala Investment Company and the AI and cloud computing group G42, and is chaired by Sheikh Tahnoon bin Zayed, Deputy Ruler of Abu Dhabi and National Security Adviser.
As AI continues to grow at an exponential rate, investors flock to promising technologies and players. In Q1 2026, investors poured $300 billion into 6,000 startups globally, up over 150% quarter over quarter and year over year, according to Crunchbase data.
